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PPI rulings could be 'monstrous' for banks

The proposed new regulations for the sale of payment protection insurance (PPI) could be "absolutely monstrous" for banks, according to an expert.

The Financial Services Authority (FSA) has developed new rules which would change the way complaints about PPI are handled, potentially costing banks around £2.7 billion in compensation.

Industry trade body the British Banker's Association (BBA) has appealed to the High Court for a judicial review on the legality of the new legislation.

Annie Shaw, editor of cashquestions.com, claimed that banks could be forced to look at all past cases of PPI to ensure all policies were sold in the correct manner.

She said: "This could obviously be an absolutely monstrous deal for the banks. The judicial review is their last ditch attempt to try and get the ruling overturned.

"You can't blame the banks for trying, but really they have made their bed and they have to lie in it."

Ms Shaw added that it was likely the rulings would be upheld as the policies were undoubtedly mis-sold in large quantities.

Posted by Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers. ADNFCR-2776-ID-800117392-ADNFCR



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